ClockSpring|NRI Adds Milliken Infrastructure Solutions
Leading composite repair manufacturer expands suite of rehabilitation products for critical infrastructure
Houston, TX, June 24, 2019 – Wind Point Partners and portfolio company ClockSpring|NRI (the “Company”), a leading manufacturer of highly innovative and engineered products for the repair and rehabilitation of global critical infrastructure, are pleased to announce today that the Company has acquired Milliken Infrastructure Solutions, LLC (“Milliken Infrastructure Solutions”), previously a subsidiary of Milliken & Company. Headquartered in Spartanburg, South Carolina and founded more than 150 years ago, Milliken Infrastructure Solutions manufactures repair and rehabilitation products for critical infrastructure.
Matthew Boucher, CEO of ClockSpring|NRI, commented, “This acquisition expands our ability to address complex integrity issues. Our combined engineering expertise and complementary product lines enable us to offer the most comprehensive suite of products and services for the safe and sustainable repair, maintenance, and construction of critical infrastructure.”
The acquisition of Milliken Infrastructure Solutions serves to expand ClockSpring|NRI’s line of superior composite solutions for industrial process and transmission pipelines and adds new, pioneering technologies for water and wastewater infrastructure restoration.
Alex Kim, Executive Vice President of corporate strategy and development for Milliken & Company, noted, “Milliken Infrastructure Solutions has grown tremendously over the last few years as customers have increasingly adopted these differentiated products that solve relevant infrastructure rehabilitation challenges. With their global scale and focus on infrastructure, we believe that ClockSpring|NRI will be able to accelerate the growth and achieve the full potential of this business.”
In February 2019, Wind Point Partners simultaneously acquired and merged Clock Spring Company, Inc. and Neptune Research, LLC. The combined company was subsequently renamed ClockSpring|NRI with Matthew Boucher serving as CEO. Milliken Infrastructure Solutions represents ClockSpring|NRI’s first add-on acquisition.
Alex Washington, Wind Point Partners Managing Director, stated, “This transaction enhances the breadth of ClockSpring|NRI’s comprehensive portfolio and highlights the capabilities we bring to help portfolio companies scale. In cooperation with management, Wind Point will seek to continue growing the platform through a combination of organic growth and accretive acquisitions.”
ClockSpring|NRI was advised by Kirkland & Ellis LLP and KPMG. Jones Day supported Milliken & Company during the transaction process. Antares, Hartford Investment Management Company, Solar Capital, Northwestern Mutual Capital and Nuveen Private Markets provided debt financing to support this transaction.